Universal sells Loews Cineplex stake for a dollar
Universal Studios has sold its 25.5% stake in exhibitor Loews Cineplex for $1. The studio, a division of Vivendi Universal, sold more than 15m shares to investment bank Goldman Sachs, in a tax move to offset capital gains. The stake was worth approximately $1.8m based on a share price of 12 cents. Universal originally held shares in Canadian cinema circuit Cineplex Odeon before the circuit merged with Sony's Loews Cinemas. Sony Pictures Entertainment retains a 39.5% stake.